ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Saturday said that sales tax system has been made functional, the official announcement will be made tomorrow, ARY News reported.
Shabbar Zaidi announced the decision while speaking exclusively to ARY News’ special transmission to highlight benefits of the government’s tax amnesty scheme titled ‘Tax Do Pakistan Ki Khatir’.
FBR chairman said that the tax amnesty scheme was first introduced in 1960, adding that those who will take benefits from the amnesty scheme would not be probed by the FIA or any other anti-graft body.
Defining the meaning of term ‘benami’, Zaidi said that it is used in the property which is transferred to one person for consideration but paid by another person.
SBP
He said that talks are underway with State Bank of Pakistan (SBP) to increase the cash deposit ratio so that one can deposit more than $10,000.
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“According to a law of SBP, no one can deposit more than $10,000 in the SBP. Negotiations with the authorities of the SBP are underway to increase the deposit amount to more than $10,000,” he added.
Gold
He said that jewelry is not included in the amnesty scheme but those who have gold in the shape of stock and trade have to pay tax.
Prize Bonds
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said registration of prize bonds is compulsory as bonds of worth Rs40,000 would be considered useless if not registered till 2020.
Dubai Properties
Zaidi revealed that people usually declare their properties in Dubai but do not show the rent. “A team will be sent to Dubai in this regard on June 24 to investigate the matter.”
He said that those who have purchased the property through legal terms should relax as they are free from trouble.
Tax Filing System
FBR chairman said that the government is making the tax filing system easy for people, adding that the govt is decreasing the difference between the purchased value of a property and the actual value of property.
Smuggled Cars
He said there will be no amnesty scheme on smuggled cars.
Chairman FBR said that the institute was collecting data of individuals whose ratio of tax is low.
He once again ruled out any possibility of extension in assets declaration scheme deadline.
The FBR chairman said tax data has been made available to the people as citizens will now be able to get information through FBR and Nadra’s online database.
However, he said, one will not be able to get personal information about other person.
 Shabbar Zaidi on Saturday said that sales tax system has been made functional, the official announcement will be made tomorrow.){kind=link}